ICANFinancial AccountingPartnership Accounts2022

Section 29 of the Companies and Allied Matters Act (CAMA) 2020 requires that a business name used by a partnership must be registered if it differs from the partners' surnames. Which regulatory body in Nigeria is directly responsible for the registration of business names for partnerships?

AFinancial Reporting Council of Nigeria (FRCN)
BCorporate Affairs Commission (CAC)CORRECT
CSecurities and Exchange Commission (SEC)
DFederal Inland Revenue Service (FIRS)
AI
Toaster Teacher
Why the answer is B, and why the others tempt you.
Under CAMA 2020, the Corporate Affairs Commission (CAC) is the statutory body responsible for the registration of companies, business names, and incorporated trustees in Nigeria. Business names used by partnerships that differ from the partners' true surnames must be registered with the CAC. The FRCN, SEC, and FIRS perform different regulatory functions unrelated to business name registration.
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